Independence Associates recently hired Grant Brothers to develop an online sales system for its consumer...
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Independence Associates recently hired Grant Brothers to develop an online sales system for its consumer products division. Grant wanted to be paid in Independence common shares. As a result, Grant accepted shares of Independence Associates' $ par value common shares. On the date the online system was fully functional, the contract was satisfied and Independence issued the shares to Grant. Independence shares were not publicly traded but were valued at $ per share on that date by an investment bank. Because the shares are privately placed, there are no stock issue costs. Prepare the journal entry to record the development of the online system. Record debits first, then credits. Exclude explanations from any journal entries.
tableAccount
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